ORDINANCE NO. 060455

Accepting the recommendation of the Tax Increment Financing Commission as to the East Village Tax Increment Financing Plan; approving the East Village Tax Increment Financing Plan; and designating a Redevelopment Area.

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, the Commission has been duly constituted and its members appointed; and, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts, closed said public hearing on April 5, 2006, approved Resolution No. 04-30-06 (the "Resolution") recommending to the City Council the approval of the East Village Tax Increment Financing Plan (the "Redevelopment Plan"); and

WHEREAS, the Redevelopment Plan is a comprehensive program intended to satisfy, reduce or eliminate those conditions, the existence of which qualified the Redevelopment Area as a blighted area, and to enhance the tax base within the Redevelopment Area through the implementation of a single Redevelopment Project and the adoption of tax increment financing in the single Redevelopment Project Area; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The recommendations of the Commission concerning the Redevelopment Plan as set forth in the Resolution attached hereto as Exhibit "A" are hereby accepted and the Redevelopment Plan, a copy of which is attached hereto as Exhibit "B," is hereby approved and adopted as valid and the Redevelopment Project contained therein is hereby authorized.

Section 2. All terms used in this Ordinance shall be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 3. The following-described tract is hereby designated a Redevelopment Area:

Beginning at the intersection of the platted centerline of 12^th Street and the centerline of Cherry Street; thence north along the centerline of Cherry Street to the intersection with the centerline of 11^th Street; thence west along the centerline of 11^th Street to the intersection with the centerline of Locust Street; thence north along the centerline of Locust Street to the intersection with the centerline of 10^th Street; thence north along the centerline of Locust Street to the westerly prolongation of the north most south line of Lot 1 of Stanberry, a subdivision in Kansas City, Jackson County, Missouri; thence easterly  along said prolongation to the east right of way line of Locust Street; thence easterly along the north most south line of said Lot and subdivision to the west line of the vacated alley next east of Locust Street; thence easterly along the north most south line of said Lot and block to the centerline of the vacated alley next east of Locust Street; thence south along the centerline of said alley to the east most southwest corner of said Lot; thence easterly along the south most south line of said Lot to the east line of the vacated alley next east of Locust Street; thence easterly along the south most south line of said Lot to the southeast corner of said Lot; thence easterly along the easterly prolongation of the south most south line of said Lot to the intersection with the centerline of Cherry Street; thence north along the centerline of Cherry Street to the intersection with the centerline of 9^th Street; thence west along the centerline of 9^th Street to the southerly prolongation of the east line of the alley next east of Locust Street, said alley also being the west line of Block 1 of M.M. Evans 1^st Addition, a subdivision in Kansas City, Jackson County, Missouri; thence north along the southerly prolongation of the east line of said alley to the north right of way line of 9^th Street; thence north along the east line of said alley to the northwest corner of Lot 9, Block 1 of M.M. Evans 1^st Addition; thence easterly along the north line of Lot 9 to the west right of way line of Cherry Street; thence easterly along an easterly prolongation of the north line of Lot 9 to the centerline of Cherry Street; thence north along the centerline of Cherry Street to the intersection with the centerline of 8^th Street; thence east along the centerline of 8^th Street to the intersection with the centerline of Charlotte Street; thence south along the centerline of Charlotte Street to the intersection with the centerline of 9^th Street; thence west along the centerline of 9^th Street to the intersection with the centerline of Holmes Street south; thence south along the centerline of Holmes Street to the intersection with the centerline of 10^th Street; thence east along the centerline of 10^th Street to the intersection with the centerline of Charlotte Street; thence south along the centerline of Charlotte Street to the intersection with the centerline of 11^th Street; thence south along the centerline of Charlotte Street to the intersection with the platted centerline of 12^th Street; thence west along the platted centerline of 12^th Street to the intersection with the centerline of Holmes Street; thence west along the platted centerline of 12^th Street to the point of beginning.

Section 4. In accordance with the recommendations of the Commission as set forth in the Resolution, the City Council hereby finds that:

A. The Redevelopment Area described in the Redevelopment Plan is a blighted area and the following factors are hereby found to exist within the Redevelopment Area, to-wit: deteriorating and obsolete conditions, excessive vacancies, depreciating values and other blighting conditions.

B. The Redevelopment Area has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan, and such fact is acknowledged by the Redeveloper in an affidavit included as Exhibit 14 (Affidavits and Certificates) to the Redevelopment Plan.

C. The Redevelopment Plan, conforms to FOCUS, the comprehensive plan for the development of the City as a whole.

D. The areas selected for Redevelopment Project include only those parcels of real property and improvements thereon which will be directly and substantially benefited by the Redevelopment Project improvements.

E. The estimated dates of completion of the Redevelopment Project and retirement of obligations incurred to finance redevelopment project costs have been stated in the Redevelopment Plan and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Redevelopment Area.

F. The Redevelopment Plan includes a plan for relocation assistance for businesses and residences.

G. A cost benefit analysis showing the impact of the Redevelopment Plan on each taxing district which is at least partially within the boundaries of the Redevelopment Area has been prepared in accordance with the Act.

H. The Redevelopment Plan does not include the initial development or redevelopment of any gambling establishment.

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the East Village Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area and, subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan pursuant to the power delegated to it in Ordinance No. 54556. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

Section 6. Pursuant to the provisions of the Redevelopment Plan, the City Council approves the pledge of all funds that are deposited into the East Village Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Redevelopment Area and authorizes the Commission to pledge such funds on its behalf.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney